Real Tips
  When you are ready to think about buying or selling your property, you need to ask yourself the following questions:
 
Do you have the time, energy, sources of information and contacts to do the job yourself?
If you were one of the 'Do-it-yourself' people, would the results be as good or better than they would be if you had professional assistance?
Would it have gone smoother?
Would it have given you more personal time?
Would you have purchased for less, or sold for more, if real estate agent was involved?
  Read the following information and learn how a real estate agent can help you understand everything you need to know about a real estate transaction.
 
  Finding
  Once you know how much you can and want to invest, the next step is to find the properties that most nearly fit your needs. this is the time to choose a real estate agent. When picking a real state agent, look for one who is a member of Chennai Real Estate Agents Association, all members agree to abide by a Code of Ethics. A CREAA member has many resources to assist you in that search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by an agent to find all available properties.
 
Selling Real Estate
Pricing
  This process generally begins with a determination of a reasonable asking price. Your real estate agent can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
   
Marketing
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public Advertising is part of marketing. The choice of media and frequency of advertising depend a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office.
Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property.
Independent studies shows that most real estate sales are the result of agent contacts through previous clients, referrals, friends and family and personal contacts.
 
 
Security
When the property is marketed with the agent help, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.
 
Negotiating
  The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. Your agent can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing - a lot of possible pitfalls. Your agent with the help of an advocate can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
   
   
 
The Buying Process
  The process of buying a home or investment generally starts with determining your buying power, that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, income and current debt, they can refer you to lenders best qualified to help you. Most lenders -- banks and housing finance companies.
   
Selecting
Your job is to make the final selection of the right property for you. This is when excitement and emotion run high. Your real estate agent can assist you in the selection process by providing objective information about each property. Agents who are BRAI members have access to a variety of informational resources. BRAI members can provide local community information on utilities, zoning, schools etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment ? Second, will the property have resale value when I am ready to sell ?
   
Negotiating
There are a myriad of negotiating factors, including, but not limited to price, financing, terms, date of possession, and often the inclusion or exclusion of repairs and interiors. The purchase agreement should also provide a period of time for you to complete the appropriate authorities formalities (371) inspection and investigations of the property before you are bound to complete the purchase. i.e. for properties valued above Rs.25 lakhs.
 
Due Diligence
  Before negotiation, it is time to complete the evaluation of the property. Depending on the area and property, your agent can assist you in finding qualified responsible professional advocates to provide you with written reports on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations' for example, easements (access rights) for utilities. Your advocate can help you resolve issues that might cause problems at a later date.
   
Financing
As soon as you are reasonably sure the property is right for you, the process of obtaining financing begins. Your agent can help you in understanding different financing options and in identifying financial institutes with best financial terms of payment.
 
Finalizing
Finalizing of sale deed, every area has its own unique customs. Again, your real estate agent can guide you through this process by taking you to an advocate and making sure the entire legal process and everything else flows together smoothly. The required paperwork alone is overwhelming for most sellers. Your agent is the beat person to objectively help you resolve these issues and move the transaction to closing of sale deed.
 
How do real estate agents get paid ?
Real estate agents or brokers are generally paid through the sales commission paid by the seller / buyer when a transaction closes. Agents have expenses and financial obligations just like you, so it will be to your mutual benefit if you choose a real estate agent and stick with that person. The agent will respect your loyalty and respond with a sincere commitment to you.
 
Why a member of CREAA ( Chennai Real Estate Agents Association)
  All real estate agents are not the same. All Chennai Real Estate Agents Association members proudly display the CREAA logo on their business card or other marketing and sales literature. CREAA members are committed to treat all parties to a transaction honestly. CREAA members subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate.
  Always use an agent whoa is a CREAAmember.
   
   
   
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